South-East Asian Economies Miracle or Meltdown

South-East Asian Economies: Miracle or Meltdown?
Jayati Ghosh Abhijit Sen C P Chandrasekhar In the past few months several of the more 'successful' of the south-east Asian economies have been plagued by problems of decelerating exports and deteriorating balance of payments positions, slowdowns in output expansion and declines in employment in exporting industries, domestic imbalances requiring stabilisation policies, and the like. The south-east Asian situation is not anywhere near the Mexican case, but the strong dependence on foreign capital does bring out one important similarity that of external vulnerability which also has important policy lessons for other Asian countries.